- (1.) This appeal was admitted for hearing by this Court on 20.9.2002 on the following substantial questions of law: "(a) Whether on a proper construction of the provisions of section 80HHC of the Income Tax Act, 1961 and those of rule 8 of the Income Tax Rules, 1962, the deduction under section 80HHC is to be computed and allowed before applying the said rule 8 and the Tribunal was justified in law in rejecting the appellant's appeal? (2) Whether on a proper interpretation of Section 32AB, sub-section (1) and sub-section (3), the investment deposit account allowance can be claimed by the assessee in respect of its profits of business or profession as envisaged under sub-section (3), even if such profits are not identical to income, by way of profits and gains of business or profession within the meaning of section 14D of the Income Tax Act, 1961?"
(2.) Mr. Khaitan fairly submits that the question no.(a) has already been decided by the Supreme Court in the case of Commissioner of Income-Tax v. Williamson Financial Services and Ors., reported in [2008] 297 ITR 17 .
(3.) Therefore, the appeal is dismissed, so far as the question no. (a) is concerned.;